Caledonia Mining Corporation Plc (CMCL) Key Metrics
CMCL valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $455.1M
- Enterprise value
- $412.4M
- P/E (TTM)
- 6.7 10-yr median 8.4
- Forward P/E
- 9.5
- PEG ratio
- —
- Price / sales
- 1.7 10-yr median 1.1
- Price / book
- 1.8 10-yr median 1.1
- EV / EBITDA
- 2.9 10-yr median 3.1
- Dividend yield
- 2.38% $0.56 a year
- Beta
- 0.73
CMCL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCMCL valuation Price multiples at each fiscal year-end price.
CMCL returns How much profit the business earns on the capital it uses.
CMCL per-share figures Results divided by the shares outstanding at year-end.
CMCL financial health Debt, liquidity and how easily interest is covered.
CMCL efficiency & capital use Working capital cycle and where the cash goes.
CMCL valuation history
CMCL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CMCL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CMCL cash returned to shareholders
CMCL price vs earnings per share
CMCL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $510.6M | $180.7M | $227.3M | $159.2M | $142.0M | $186.1M | $90.5M | $55.7M | $78.4M | $59.7M |
| Enterprise value | $507.5M | $201.5M | $248.1M | $165.1M | $126.2M | $167.6M | $84.4M | $50.5M | $67.1M | $48.4M |
| P/E ratio | 9.2 | 10.1 | — | 14.2 | 8.2 | 9.0 | 2.2 | 5.2 | 8.4 | 7.0 |
| Price / sales | 2.0 | 1.0 | 1.6 | 1.1 | 1.2 | 1.9 | 1.2 | 0.8 | 1.1 | 1.0 |
| Price / book | 2.0 | 0.8 | 1.1 | 1.1 | 1.0 | 1.3 | 0.8 | 0.8 | 1.2 | 1.1 |
| Price / free cash flow | 11.8 | 17.0 | — | — | — | 59.6 | — | — | 27.3 | 19.1 |
| Price / operating cash flow | 6.7 | 4.3 | 15.4 | 3.7 | 4.6 | 6.0 | 5.0 | 3.2 | 3.2 | 2.6 |
| EV / sales | 2.0 | 1.1 | 1.7 | 1.2 | 1.0 | 1.7 | 1.1 | 0.7 | 1.0 | 0.8 |
| EV / EBITDA | 4.0 | 3.4 | 9.7 | 4.1 | 2.9 | 3.7 | 1.3 | 2.0 | 2.8 | 2.2 |
| EV / free cash flow | 11.7 | 18.9 | — | — | — | 53.7 | — | — | 23.4 | 15.5 |
| Earnings yield | 10.8% | 9.9% | −3.5% | 7.1% | 12.3% | 11.2% | 46.4% | 19.3% | 12.0% | 14.3% |
| Free cash flow yield | 8.5% | 5.9% | −6.9% | −0.9% | −4.9% | 1.7% | −2.2% | −4.5% | 3.7% | 5.2% |
| Dividend yield | 3.9% | 6.8% | 4.9% | 5.6% | 5.7% | 2.4% | 3.8% | 6.3% | 4.2% | 5.0% |
| Shareholder yield (dividends + buybacks) | 3.9% | 6.8% | 4.9% | 5.6% | 5.7% | 2.4% | 3.8% | 6.3% | 4.4% | 5.0% |
| Share price at fiscal year-end | $26.17 | $9.41 | $12.20 | $12.40 | $11.66 | $15.88 | $8.42 | $5.25 | $7.39 | $5.70 |
| Per share | ||||||||||
| Revenue per share | $13.02 | $9.53 | $7.85 | $11.07 | $9.96 | $8.53 | $7.06 | $6.45 | $6.58 | $5.91 |
| Earnings per share | $2.83 | $0.93 | −$0.42 | $0.88 | $1.43 | $1.77 | $3.91 | $1.02 | $0.88 | $0.81 |
| Operating cash flow per share | $3.91 | $2.18 | $0.79 | $3.32 | $2.54 | $2.64 | $1.68 | $1.67 | $2.31 | $2.20 |
| Free cash flow per share | $2.22 | $0.55 | −$0.84 | −$0.11 | −$0.57 | $0.27 | −$0.18 | −$0.24 | $0.27 | $0.30 |
| Cash per share | $1.83 | $0.22 | $0.23 | $0.52 | $1.41 | $1.63 | $0.87 | $1.05 | $1.23 | $1.37 |
| Book value per share | $13.27 | $11.14 | $11.04 | $10.96 | $11.30 | $12.08 | $10.09 | $6.65 | $5.96 | $5.31 |
| Tangible book value per share | $13.27 | $11.14 | $11.04 | $10.96 | $11.30 | $0.00 | $10.09 | $6.65 | $5.96 | $5.31 |
| Dividends per share | $1.02 | $0.64 | $0.60 | $0.69 | $0.66 | $0.39 | $0.32 | $0.33 | $0.31 | $0.29 |
| Capex per share | $1.68 | $1.63 | $1.63 | $3.43 | $3.11 | $2.38 | $1.86 | $1.90 | $2.04 | $1.90 |
| Debt per share | $1.67 | $1.31 | $1.34 | $0.99 | $0.11 | $0.06 | $0.31 | $0.56 | $0.17 | $0.29 |
| Shares outstanding | 19.5M | 19.2M | 18.6M | 12.8M | 12.2M | 11.7M | 10.7M | 10.6M | 10.6M | 10.5M |
| Change in shares outstanding | +1.6% | +3.1% | +45.1% | +5.4% | +3.9% | +9.0% | +1.4% | −0.0% | +1.2% | +0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 23.4% | 8.5% | −4.5% | 8.1% | 12.5% | 16.6% | 47.0% | 16.1% | 15.8% | 16.3% |
| Return on invested capital (ROIC) | 29.9% | 10.8% | 2.9% | 11.6% | 18.1% | 22.6% | 60.3% | 23.7% | 24.8% | 23.6% |
| Return on assets (ROA) | 14.5% | 5.3% | −2.8% | 5.0% | 8.9% | 12.9% | 31.2% | 9.1% | 9.3% | 10.4% |
| Return on tangible assets | 13.4% | 5.1% | −2.4% | 4.8% | 8.2% | 57.1% | 29.3% | 8.6% | 8.5% | 9.4% |
| Free cash flow margin | 17.1% | 5.8% | −10.7% | −1.0% | −5.7% | 3.1% | −2.6% | −3.7% | 4.1% | 5.0% |
| Income quality (OCF / net income) | 1.38 | 2.34 | — | 3.79 | 1.78 | 1.49 | 0.43 | 1.64 | 2.61 | 2.70 |
| Financial health | ||||||||||
| Total debt | $32.6M | $25.1M | $25.1M | $12.7M | $1.4M | $647,000 | $3.3M | $6.0M | $1.8M | $3.0M |
| Cash & short-term investments | $35.7M | $4.3M | $4.3M | $6.7M | $17.2M | $19.1M | $9.4M | $11.2M | $13.1M | $14.3M |
| Net debt | −$3.1M | $20.8M | $20.8M | $5.9M | −$15.8M | −$18.4M | −$6.1M | −$5.2M | −$11.3M | −$11.3M |
| Debt / equity | 0.13 | 0.12 | 0.12 | 0.09 | 0.01 | 0.00 | 0.03 | 0.08 | 0.03 | 0.05 |
| Debt / assets | 0.08 | 0.07 | 0.08 | 0.05 | 0.01 | 0.00 | 0.02 | 0.05 | 0.02 | 0.03 |
| Net debt / EBITDA | −0.02 | 0.35 | 0.82 | 0.15 | −0.36 | −0.41 | −0.09 | −0.20 | −0.46 | −0.51 |
| Current ratio | 1.69 | 1.35 | 1.35 | 1.18 | 2.99 | 4.47 | 2.82 | 2.31 | 1.79 | 2.62 |
| Quick ratio | 1.25 | 0.83 | 0.85 | 0.62 | 1.82 | 2.79 | 1.70 | 1.54 | 1.20 | 1.89 |
| Interest coverage | 32.9 | 14.8 | 3.6 | 45.9 | 96.4 | 111.0 | 177.0 | 78.5 | 298.8 | 85.6 |
| Working capital | $41.9M | $15.9M | $14.1M | $6.0M | $35.2M | $34.6M | $18.0M | $16.0M | $12.3M | $16.0M |
| Invested capital | $255.9M | $234.7M | $226.6M | $146.7M | $121.9M | $123.1M | $102.3M | $65.2M | $52.0M | $44.3M |
| Tangible asset value | $283.5M | $234.5M | $224.2M | $157.7M | $152.5M | $16.5M | $124.7M | $78.8M | $69.2M | $59.3M |
| Net current asset value | −$26.1M | −$52.6M | −$49.9M | −$39.1M | −$5.5M | $24.7M | $9.0M | −$18.7M | −$12.9M | −$5.6M |
| Graham number | $29.07 | $15.28 | — | $14.70 | $19.06 | $21.95 | $29.79 | $12.32 | $10.90 | $9.85 |
| Graham net-net per share | −$3.60 | −$4.58 | −$4.37 | −$4.26 | −$2.04 | $0.73 | −$0.02 | −$2.47 | −$1.84 | −$1.04 |
| Capital allocation | ||||||||||
| Dividends paid | $19.9M | $12.3M | $11.1M | $8.9M | $8.1M | $4.5M | $3.4M | $3.5M | $3.3M | $3.0M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $146,000 | $0 |
| Dividend payout ratio | 36.1% | 68.7% | — | 79.2% | 46.4% | 21.9% | 8.1% | 32.5% | 35.3% | 35.1% |
| Dividends + buybacks / free cash flow | 45.9% | 115.6% | — | — | — | 145.5% | — | — | 120.3% | 95.8% |
| Capex / revenue | 12.9% | 17.1% | 20.8% | 31.0% | 31.2% | 27.8% | 26.4% | 29.5% | 31.0% | 32.1% |
| Capex / operating cash flow | 43.1% | 74.6% | 205.8% | 103.5% | 122.4% | 89.9% | 110.9% | 114.3% | 88.3% | 86.4% |
| Capex / depreciation | 2.05 | 1.95 | 2.10 | 4.35 | 4.70 | 6.02 | 4.52 | 4.96 | 5.75 | 5.70 |
| Stock-based compensation / revenue | 0.6% | 0.5% | 0.0% | 0.3% | 0.6% | 2.0% | −0.8% | 0.4% | 2.9% | 1.3% |
| SG&A / revenue | 8.5% | 10.4% | 15.5% | 9.2% | 7.9% | 9.4% | 8.3% | 9.1% | 10.1% | 12.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 17.9 | 24.0 | 25.3 | 22.2 | 14.1 | 11.4 | 27.2 | 30.3 | 21.9 | 22.6 |
| Days of inventory on hand | 78.9 | 75.9 | 67.3 | 89.0 | 102.1 | 95.4 | 83.8 | 72.5 | 68.9 | 63.1 |
| Days payables outstanding | 23.8 | 24.4 | 41.1 | 62.3 | 32.2 | 16.2 | 21.8 | 21.2 | 24.3 | 19.5 |
| Cash conversion cycle (days) | 73.0 | 75.4 | 51.5 | 48.9 | 84.0 | 90.6 | 89.2 | 81.6 | 66.5 | 66.2 |
| Receivables turnover | 20.41 | 15.19 | 14.42 | 16.46 | 25.95 | 32.09 | 13.41 | 12.05 | 16.64 | 16.18 |
| Payables turnover | 15.35 | 14.93 | 8.88 | 5.86 | 11.35 | 22.59 | 16.75 | 17.18 | 15.01 | 18.74 |
| Inventory turnover | 4.63 | 4.81 | 5.43 | 4.10 | 3.58 | 3.83 | 4.36 | 5.03 | 5.30 | 5.78 |
| Asset turnover | 0.67 | 0.54 | 0.52 | 0.64 | 0.62 | 0.62 | 0.56 | 0.58 | 0.69 | 0.76 |
| Average receivables | $12.5M | $12.1M | $10.1M | $8.6M | $4.7M | $3.1M | $5.7M | $5.7M | $4.2M | $3.8M |
| Average payables | $7.6M | $7.1M | $11.8M | $13.7M | $5.9M | $2.4M | $2.7M | $2.7M | $2.9M | $2.1M |
| Average inventory | $25.3M | $22.0M | $19.3M | $19.6M | $18.8M | $13.9M | $10.3M | $9.3M | $8.2M | $6.7M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 79.5% | 0.0% | 0.0% | 0.0% | 0.0% |
Computed from CMCL's annual financial statements (latest annual report filed April 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CMCL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Caledonia Mining traded at 9.2 times earnings, against a 10-year median of 8.4. Based on the latest twelve months, the trailing P/E is 6.7 and the forward P/E is 9.5. Caledonia Mining earned a return on equity of 23.4% and a return on invested capital of 29.9% in fiscal 2025. It ended the year with $32.6 million of debt and $35.7 million in cash and short-term investments, a net cash position of $3.1 million. It returned $19.9 million to shareholders: $19.9 million in dividends and $0 in share buybacks, 46% of free cash flow. The share count rose 86.2% from 10.5M to 19.5M over 9 years.
See the CMCL income statement, the CMCL chart for price history, or the CMCL stock overview for the latest quote and news.
CMCL key metrics FAQ
What is Caledonia Mining's P/E ratio?
Caledonia Mining's trailing P/E ratio is 6.7 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 9.5. At the end of fiscal 2025 it was 9.2, compared with a 10-year median of 8.4.
What is Caledonia Mining's EV/EBITDA?
Caledonia Mining's enterprise value was 4.0 times EBITDA at the end of fiscal 2025 (enterprise value $507.5 million, EBITDA $126.1 million); the current EV/EBITDA is 2.9.
What is Caledonia Mining's return on equity?
Caledonia Mining's return on equity (ROE) was 23.4% in fiscal 2025: net income of $55.2 million on average shareholders' equity of $236.4 million.
What is Caledonia Mining's ROIC?
Caledonia Mining's return on invested capital was 29.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Caledonia Mining have?
Caledonia Mining had total debt of $32.6 million at the end of fiscal 2025, a debt-to-equity ratio of 0.13 and more cash than debt.
What is Caledonia Mining's dividend yield?
Caledonia Mining's forward dividend yield is 2.38%. Caledonia Mining paid $19.9 million in dividends in fiscal 2025 ($1.02 per share), a payout ratio of 36.1%.
What is Caledonia Mining's free cash flow yield?
Caledonia Mining generated $43.4 million of free cash flow in fiscal 2025, a free cash flow yield of 8.5% on its market value at year-end ($510.6 million).
What is Caledonia Mining's current ratio?
Caledonia Mining's current ratio was 1.69 at the end of fiscal 2025: current assets were 1.69 times current liabilities.